In the quest for the perfect home, one couple faced hurdles that seemed insurmountable. Their dream property was within reach, but property valuations threatened to block their path. With a resilient spirit and the right support, they achieved the impossible. Here's their journey.
Our clients were on a mission to upsize, trading their current property on the market for £650K for a new, coveted home priced at £995K. To bridge the gap, they needed to raise £900K, planning to fund the rest themselves. The plan? Sell their current property and refinance the balance with a long-term mortgage. However, their initial steps hit a brick wall.
The valuation for their existing home came back £100K less than market value, and the dream property, shockingly, was valued £345K lower.
The first lender they approached couldn't offer a solution, leaving them in a lurch.
Valuations, a crucial aspect of securing an upsizing bridging loan, can sometimes pose challenges. Some lenders rely on a single valuer, creating issues when discrepancies arise. Our clients, undeterred, reached out to us for a fresh perspective.
We tapped into a different lender with a more comprehensive valuation process, aligning the valuations much closer to market prices. The dream property came back at market value, and the one they were selling was just shy of their asking price.
Going the extra mile, we secured an agreement in principle for their remortgage exit strategy, an essential proof of concept. This step, often overlooked, required intricate handling, given our client's self-employed status and partially completed accounts.
A final obstacle appeared in the form of a slow and unresponsive solicitor. Our proactive approach ensured that communication was brought up to standard, ensuring a smooth transaction that our client greatly appreciated.
In the face of valuation setbacks, we helped our clients secure their dream home with a £900K bridging loan. Our dedication to finding solutions and going beyond the ordinary bridging experience made all the difference. When challenges arose, we turned them into opportunities, ensuring our clients could unlock the doors to their new home.
At Bridging Loans Direct, we're here to help you overcome obstacles and turn your property dreams into reality. Let us be your partner on this journey.
Whatever you need your next short-term finance loan for, we’ve got you covered. Let our friendly expert team find you the perfect tailor-made solution.
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